The House of Lords EU Select Committee has published a number of reports into the impact of Brexit: these include financial services, UK-Irish relations, trade options and migration rights. In the financial services report, the Committee has concluded that significant reform is required, such as the need for a better ‘evidence-base’ given that access to EU markets is largely regulatory based and is not always compatible with the business structures of firms. The Committee has also put forward proposals for a transition period after the 2 year leaving process – this policy was supported earlier this week by the Chancellor, Phillip Hammond. Other issues discussed in the report include the passporting rights of UK businesses (the ability to operate in the EU without tariffs and charges), UK-EU commercial relations and the desire for negotiations to begin as soon as possible to help stabilise financial markets. Furthermore, the House of Lords is seeking assurances that UK businesses will not lose the ability to hire EU talent with recent studies showing that skilled migrants play a crucial role in the success of the UK economy.
Sign up for our newsletter and get the latest to your inbox.